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posledela
2 years ago
8

In its current year income statement, Cere Co. reported income before income taxes of $300,000. Cere estimated that, because of

permanent differences, taxable income would be $280,000. During the year Cere made estimated tax payments of $50,000, which were debited to income tax expense. Cere is subject to a 30% tax rate. What amount should Cere report as income tax expense
Business
1 answer:
Andreas93 [3]2 years ago
5 0

The amount that Cere should report as income tax expense is $84,000.

Income tax expense refers to the amount of taxes owed by a person to the taxing authority.

  • The Formula for Income tax expense is Taxable income * Effective tax rate.

<u>Given Information</u>

Taxable income = $280,000

Effective Tax rate = 30%

Income tax expense = $280,000  * 30%

Income tax expense = $84,000

Therefore, the amount that Cere should report as income tax expense is $84,000.

See similar solution here

<em>brainly.com/question/13003196</em>

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Germany is capital abundant country and Japan is labor abundant country. If computers are produced mostly by capital and beer is
wel

Answer:

If computers are produced mostly by capital and beer is produced mostly by labor, the H-O model predicts that

Germany will export computers in exchange for beer.

Explanation:

The H-O model or Heckscher-Ohlin theory is an economic model about the comparative advantages of nations in international trade.  The model tries to explain the equilibrium of trade existing between two countries that have varying specialties and natural resources.  According to the H-O model, countries export more goods and services for which they have plenty resources than they do for goods and services for which they have scarce resources.  For example, if a country has capital in abundance, it will export more of capital-intensive products while it will import labor-intensive products, because it has scarce labor resources.

6 0
2 years ago
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,
saul85 [17]

Answer:

Explanation:

The journal entries are shown below:

On January 31

Allowance for doubtful accounts A/c Dr $800

         To Account receivable A/c $800

(Being the written off amount is recorded)

On January 31

Account receivable A/c Dr $300

           To Allowance for doubtful accounts A/c $300

(Being the reverse entry is made)

On March 9

Cash A/c Dr $300

      To Accounts receivable A/c $300

(Being the amount is collected)

7 0
3 years ago
Total Costs (dollars)
Andrei [34K]

The appropriate labels for Curves N and M in the nearby graph is that the Curve N is total cost and Curve M is total variable cost.

<h3>Why is the curve as stated about?</h3>

Because a fixed cost is constant, this is not shown on the graph, however, the movement of the variable cost impacts directly on the total cost as well but it will be higher.

Hence, the appropriate labels for Curves N and M in the nearby graph is that the Curve N is total cost and Curve M is total variable cost.

Therefore, the Option C is correct.

Read more about total cost

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6 0
2 years ago
The reason fast food restaurants often are found in close proximity to each other is a. they enjoy competition b. location clust
olganol [36]

Answer:

b. location clustering near high traffic flows

Explanation:

Proximity to customers is a major consideration when deciding on a business location.  A business situated in areas with many potential customers has a high probability of succeeding. Restaurants are usually strategically situated in places with heavy customer flow.  

Restaurants may be established near offices, in market places, near public transport terminus, or other location convenient to customers.  With time, customers tend to associate that particular building, area, or street with restaurants. As the area becomes synonymous with restaurants, more customers will visit it, leading to more restaurants to open in that locality.

3 0
3 years ago
A subject property has a swimming pool (worth $5,000) and a three-car garage (worth $4,500). Comp property A has a pool only and
AnnyKZ [126]

Answer and Explanation:

The calculation of the adjusted price that could use for these two comps in a CMA is given below:

For Comp property A, the value of the garage should be

= $452,500 + $4,500

= $457,000

And, for comp property B, the value of the pool should be

= $446,000 + $5,000

= $451,000

In this way, it should be considered

4 0
3 years ago
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